AI firm Genius Group has announced it will top up its coffers with Bitcoin, revealing a MicroStrategy-inspired treasury reserve strategy shortly after the digital asset's price soared to another new all-time high.
The company plans to purchase $120 million in Bitcoin as part of its latest business plan, holding the token as a long-term reserve asset. Ultimately, Genius Group aims for Bitcoin to make up 90% of its treasury reserves.
“We see Bitcoin as being the primary store of value that will power… exponential technologies,” Genius Group Director Thomas Power said Tuesday in a statement.
The firm's stock price skyrocketed Tuesday following the news, jumping by 79% as of this writing to a current price of $1.13, per data from Google Finance. It briefly touched a daily high of $1.41 earlier Tuesday. Genius (GNS) stock, listed on NYSE American, remains down 82% on the year.
MicroStrategy Stock Hits All-Time High as Bitcoin Breaks $88,000
MicroStrategy’s stock price jumped nearly 26% on Monday, hitting a new all-time high mark above $351 after the world’s largest corporate treasury reserve holder of Bitcoin unveiled its latest acquisition. MSTR finished the day at a price of $340, but has climbed as high as $354 in after-hours trading, per Google Finance. Padding its corporate coffers by over 27,200 BTC, MicroStrategy said Monday that it had acquired over $2 billion worth of the asset between October 31 and November 10. As of thi...
Genius Group's corporate strategy shift comes amid a crypto market surge triggered by former President Donald Trump's re-election last week.
Bitcoin soared to $89,864 on Monday, CoinGecko data shows, marking the latest peak price over the past week since the asset broke its earlier record of $73,737 on Election Day. Meanwhile, some analysts predict the cryptocurrency's price will edge even higher before the year's end, blowing past a $100,000 price target.
Genius Group’s adoption of this new policy follows the recent restructuring of its board to include experts in blockchain and Web3 technologies.
The company is modeling its new Bitcoin-based corporate strategy after that of MicroStrategy, a software firm that began amassing a massive stockpile of the cryptocurrency in 2020. The firm now holds nearly $25 billion worth of Bitcoin, and has seen its stock price skyrocket over the course of the year, hitting a new all-time high price on Monday.
And MicroStrategy is still buying after revealing its latest purchase Monday. The Michael Saylor-led company announced in late October that it plans to raise $42 billion over the next three years to amass even more Bitcoin for its treasury.
Bitcoin Strategic Reserve Is Now on the Table—Here's How It Could Work
Now that Donald Trump is set to become the next president of the United States, a strategic Bitcoin reserve is in the cards. The idea was teased by Trump and several other U.S. politicians in July and early August, but lost steam following a Bitcoin price crash. One of those prominent voices is that of Senator Cynthia Lummis, a Republican from Wyoming who has been called the “Bitcoin Senator” for her vocal support of the crypto industry. She shared strategic reserve plans at the Bitcoin conferen...
MicroStrategy and Genius Group are far from the only two organizations buying up Bitcoin to hold as a reserve asset, however, with other firms including Metaplanet and Semler Scientific.
And they could have a fellow big-money buyer in the form of the United States government. At Bitcoin 2024 in July, Trump announced a plan to create a BTC stockpile for the U.S. Treasury, and Sen. Lummis unveiled a bill on the matter later that same day. The bill calls for the government to amass upwards of 1 million BTC and hold it for at least 20 years.
Edited by Andrew Hayward
